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Originally Posted by retire@40
I think we need to stop beating up on financial planners for a while and start beating up on bankers. They are getting to be worse than used-car salesmen.
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I think one of the reasons for this is that for home mortgages, origination, servicing, accepting credit risk, and funding are now often performed by different players. For example, investers in mortgages need not be involved in credit risk decisions, origination or servicing. So if you have originators who are interested in their origination fee, and they have no money invested in the loan and won't service it, their self interest is to get that loan made.
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